Instacart set to raise IPO target price after Arm’s successful debut – WSJ

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(Reuters) -Grocery-delivery company Instacart is preparing to raise the target price for its initial public offering following the successful debut of SoftBank-owned Arm Holdings, the Wall Street Journal reported on Friday, citing sources.

Instacart is now expected to sell shares for $28-$30 apiece, the Journal said, adding that the company plans to disclose the target price in an amended filing as early as Friday.

Selling shares at the high end of the new range, Instacart would be valued at nearly $10 billion on a fully-diluted basis, according to the report.

Instacart declined to comment on the report.

Earlier this week, Instacart had said it was aiming to raise up to $616 million by offering 22 million shares priced between $26 and $28 each, targeting a valuation of up to $9.3 billion.

The reported increase in Instacart’s target price for its initial share sale comes after shares in SoftBank’s Arm soared almost 25% above their Nasdaq debut price on Thursday, rekindling investor hopes for a turnaround in the moribund market for initial public offerings (IPO).

Instacart was valued at $39 billion after its last funding round more than two years ago, when easy money helped several startups reach sky-high valuations.

However, as the U.S. Federal Reserve raised borrowing costs to curb inflation, many high-flying startups have had to raise funds at lower valuations.

The San-Francisco-based Instacart had cut its internal valuation to $10 billion in December.

(Reporting by Devika Nair in Bengaluru; Editing by Mrigank Dhaniwala)

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